Asia Pacific Material Handling Equipment Market Forecast 2020-2028
The material handling equipment market of Asia Pacific is estimated to grow at a CAGR of 6.30% during the forecast period, 2020-2028. The logistics sector is expected to grow because of the surging e-commerce activities in the region. In order to meet the time limits, these e-commerce logistics and express logistics processes need material handling equipment, leading to the growth of the market in the region.
The growth of the Asia Pacific market is explored further by studying the markets of countries like Japan, Indonesia, India, Australia & New Zealand, Vietnam, South Korea, China, Thailand, and the rest of the Asia Pacific that comprises Malaysia, Singapore, and Taiwan. In Thailand, the developing infrastructure and logistics sector, increasing e-commerce activities, and the increasing rate of automation are some of the key factors influencing the market growth. In countries like Indonesia, aggressive adoption of automation, the thriving manufacturing sector accounting for almost one-fourth of the nation’s GDP, the increase in demand for AMH systems used in packaging owing to the growth of e-commerce, are the factors driving the market. In Vietnam, the construction of roads and railway projects, along with the development of seaports, is expected to augment market growth. Australia’s transport and logistics industry form the backbone of the economy by generating 14.5% of the nation’s annual GDP. In Malaysia, despite the economic slowdown, the growing demand of the AMH equipment by airport and food and beverage end users is driving the market growth.
Toyota Industries Corporation, Hanwha Corporation, CLARK Material Handling Company, SSI Schaefer Systems International DWC LLC., Daifuku Co., Ltd., etc. are some of the prominent companies operating in the region.
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